Saudi Arabia extends 1 mln bpd voluntary oil cut to December

Logo of the Ministry of Energy

Saudi Arabia is continuing the voluntary oil output cut of one million barrels per day (bpd), which began in July and is being extended until the end of December, an official source in the Ministry of Energy said.

This will bring the Kingdom’s production in November and December to about nine million bpd, the source said, according to a statement by the ministry.

The source pointed out that the voluntary oil cut decision will be reviewed next month, to consider deepening the cut or raising production.

The Saudi voluntary reduction is coupled with the April cuts agreed by several OPEC+ producers, which extend to the end of 2024.

The source confirmed that this additional voluntary reduction comes to strengthen the precautionary efforts made by OPEC+ countries to support the stability and balance of oil markets.